Six McCloud Condo Sales for 2012 YTD as of 9/5/12

LINK: McCloud condo sales year to date

McCloud sales are healthy with six units sold this year to date as of 9-5-12.

When unit sales are active in this complex it indicates that the market has solid buyer interest in Incline.

The complex now has 9 active listings and 4 escrowed units.  Last winter the number of listings was usually in the middle teens.

Sales prices for the most typical two bedroom are around 400k.  There was one short sale that sold for only 315k.  A 1300+ s.f. two bedroom unit sold for 450k.  In general, the data points toward healthy sales with the occasional foreclosure affected deal moving through.

The McCloud barometer for the Incline market receives a thumb up.




Thank you for viewing the Lake Tahoe / Incline Village / Crystal Bay Real Estate Blog.  For more info or discussion contact me directly at Randy@RandyBull.com or 775-771-7338.

INCLINE / CRYSTAL BAY ESCROW REPORT - THE TOTAL (42) KEEPS RISING as of 4-8-11

Pending / escrowed sales have been slowly trending higher.  As of today they stanad at a total of 42, up 4 from a week ago.

An analysis of the currently escrowed properties total reveals that 35 of the total 42 pending sales are ask priced under 1 million.  That is 83% of the total pending.  In comparison, the MLS actively listed properties under 1 million equals 63% of the total available.  The drawn conclusion is that lower priced properties, under 1 million, are selling more often than those over.

Currently there are 350 actively MLS listed properties on the Incline / Crystal Bay market.  That number includes, single family homes, condos, PUD's, lots, investment and commercial properties.

If you would like a statistical analysis of the Incline Village / Crystal Bay real estate market, write me at Randy@RandyBull.com with your request.

MCCLOUD CONDO MARKET IS A BAROMETER FOR THE INCLINE REAL ESTATE MARKET

McCloud condo sales have historically been a good indicator of how the real estate market is trending in Incline Village.  Listings outstanding usually span a range of say 10 to 18.  Right now there are 17 (follow link below to view).  Escrow activity is good with 4 properties currently under contract.  The last sale in the complex was in December, 2010.

I would say that the market in McCloud units is now relatively active and healthy.  Prices are firming up.  The inventory presents some choice and sales are closing on a regular basis even though we are in the winter doldrums (however, it's an awesome ski season!).

The activity bodes well for the Incline Village real estate market looking forward.  Prices on the most typical two bedroom McCloud units have steadied at around $400k, some a little higher, some a little lower.  Once the two beds are priced under the $400k level they seem to get a lot of attention.  If the unit is well located, meaning the living area looks out to some open space, and there is good sunlight, the unit is shown often.  Simple interior upgrades go a long way in terms of obtaining a higher price and less market time.

In whole, the Mccloud condominium complex contains 256 units within eight clusters.  The developer designed the complex well by virtue of using the clustering layout.  There are primarily two bedroom units.  Each cluster contains four one bedrooms.  Three bedrooms are somewhat prized and there are just a few in each cluster.  There is a spa and sauna in each cluster.  All units have a one car garage.

Nearly everyone appreciates the nice landscaping in the complex and the location is terrific because of the proximity to Incline Beach, the Rec Center, Tennis Complex, Village Green and the Hyatt Regency Lake Tahoe.  Starbucks is just up the street and your kayak, in an IVGID rack at the boat ramp, just a walkable block away.

Following are links to recent MLS activity as of 3-25-11.

McCloud Condo Complex Active Listings (17 Units as of 3-25-11)

McCloud Condo Complex MLS Escrowed Listings (4 Units as of 3-25-11)

McCloud Condo Complex MLS Most Recent Sales (3 Last as of 3-25-11)

JUST ESCROWED (9) OVER PAST 10 DAYS as of 3-23-11

JUST ESCROWED (9) OVER LAST TEN DAYS

Business is improving with this burst of new sales activity.

ESCROWS JUMP UP TO 38 FROM THE VICINITY OF 30 as of 3-17-11

Escrows recently jumped up from 28 to 38 properties.  That is a quick and material change because the total had been hovering around 30 for a number of weeks.

It appears that buyers who have been searching for suitable properties are finally committing to deals.

Most agents I've spoken with lately convey that they do have a solid list of serious buyers.  Finding the right property is providing resistance.  Once the MLS inventory is sliced up to suit buyer criteria, the selection becomes thin.  We need more inventory, even though bank owned properties continue to trickle through the MLS system.  Listing season is right around the corner, typically May and June are strong.

If you are considering listing your property and want to discuss pricing, give me a call at 775-771-7338 or write to Randy@RandyBull.com.

ESCROW LIST as of 3-12-11

NUMBER OF THE DAY: DISTRESSED HOMES ACTIVELY LISTED IN INCLINE MLS = 11

Yes, one would think there would be many more than only 11 single family homes listed in the Incline MLS as short sales or bank owned.

Even though Realtors who are Incline MLS members are required to identify short sale and bank owned listings, some are slipping through the cracks and the reported number is surely understated.  A few phone calls to listing Realtors can verify that fact.  So can a little Recorder office document research online.  Not all owners communicate well with their agents.

Some listings are presented to the market via the Northern Nevada Multiple Listing Service and are not listed locally in Incline because lenders are robo'ing and do not know who is most effective at marketing Incline property.  They simply go to their directory list of registered Brokers for the region, not the area, even if they are located 35 plus miles from the property.  It's an imperfect market these days.

If you know the property, I suggest that the best deals are at auction.  Pay your Realtor a consulting fee to research the property and to attend the auction.  The best deals I have seen lately are purchases at auction with cash or a real loan approval.  Often the discount is way below market.

RECENTLY ESCROWED

JUST ESCROWED - 920 LAKESHORE - ASK PRICE: $3,095,000

Congratulations to Tim Lampe in our office.  His listing at 920 Lakeshore just went into escrow.  Another smart money high end buyer commits to a deal in this bottomed market.

JUST ESCROWED - 1457 GLARUS COURT, TYROLIAN VILLAGE - ASKED: $950,000

This bank owned listing did not last on the market long, as I stated when it first hit the hotsheet about two weeks ago.  You just do not find panoramic view homes at the listed price level.  I wouldn't be surprised if this one was involved in yet another bidding war on a bank owned listing.  The site is a small footprint with the Big View and the benefit of open space below it.

JUST ESCROWED - 986 DORCEY

Home with very nice views of Diamond Peak and the Carson Range and privacy.  Final ask price was $900,000 as it goes to escrow.

Listing agent remarks in the MLS: "PROPERTY IS SOLD "AS IS" WHERE IS" CONDITION.  Surrounded by unbuildable lots, very private setting.  Office/4th bedroom or family room, large storage. Spacious bedrooms, floor to ceiling windows.  Potential 10X30 sq. ft., deck on top floor."

Distress appears to be factor in the sale.

Final asking price per foot as the property goes to escrow is $205.  The initial ask price upon listing was $1,325,000 (as of  2/12/2009).  The high elevation location, lack of deck space and need for some curb appeal probably added to market time.  The interior was well planned and attractive.

Stay tuned as the property was in escrow once before.  Many escrows are failing these days for one reason or another.  Buyers are easily discouraged if road blocks, such as inspections, low appraisals or lending problems arise.

JUST ESCROWED as of 6-4-10

JUST ESCROWED - 650 LAKESHORE DRIVE - LIST $3,850,000

JUST ESCROWED - LAKE COUNTRY UNIT - as of 5-28-10

NEW ESCROW- POINTE CONDO as of 5-24-10

Another quality high end property heads to sale.  Buyers who understand Incline real estate values are moving into the market.  This area represents the best recreation environment in the Tahoe Basin with the fine golf courses, beaches, tennis center, recreation center, hiking and more!